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bartiromo is back tomorrow. bill griffeth back in a moment. high hopes washington will rise above and fix the fiscal cliff is what many say is the spark for the largest rally in over two months. we rallied all the way to the close, folks. closing at the highs of the session. dow up 207 points, 12,796. reapproaching that 13,000 level appear so the point. nasdaq up by 63 points. and the s&p 500 higher by about 27 points. all gains of at least 1.5%, sometimes more than 2%. >> certainly a sea of green today for wall street. was it today's rise above rally and was it for real? we had a couple of skeptics with me just now. we are going to be closing up more than 200 points. margie from wells fargo funds management joins us, so does michael from destination wealth management and joe greco will be with us in a few moments here. rick santelli is staying late as well with this rally here. >> ready to go, joe? >> yes. >> what do you make of the rally? >> i guess when republicans want to peek past what is involved besides a tax increase, that signals a compromise. so, the markets say, hey, maybe they
the late-day selloff? most on the street blaming these words out of washington about fiscal cliff. >> there's been little progress with the republicans, which is a disappointment to me. they've talked some happy talk about doing revenues, but we only have a couple weeks to get something done. so we have to get away from the happy talk and start talking about specific things. >> as we head into the fiscal cliff negotiations, my advice to the president would be seems like our friends on the other side are having some difficulty turning off the campaign. we need to sit down and work this matter out. >> behind closed doors. even with the fiscal cliff looming over the markets, our own jeff cox with cnbc.com says there's a growing bit of optimism about the outlook for next year. take a look at some of the predictions from some of the street's biggest names regarding the s&p 500 for next year. it's quite a chapg for morgan stanley, by the way, whose 2012 forecast was for the s&p to close at 1167 on december 31 of this year. >> wow. they're expecting a mega rally next year. >> he hates having to co
that as fractious as things can be, that the leaders in washington have learned their lesson. that the wrong word can move markets and they will be somewhat careful, that nobody will produce anything like the 500-point selloff in the t.a.r.p. vote. they think there's a minor protection there. nevertheless, we're in an age of auditory lottery tickets. whoever gets to the microphone swings things. >> yet, they believe that, number one, it's coming soon, that something is going to happen in december, and it's going to be a credible plan, something that's a real down payment that won't trigger some kind of ratings downgrade by the agencies. >> well, i think, again, they believe that these guys are chastened enough not to go off the deep end, and for all the talk, it might be go to go over the cliff for a little bit that people really think nobody wants to take that gamble. you don't want your political party becoming a footnote. >> materials, financials, health care all advanced today. a fairly broad advance, even if it was only fractional. back to you. >> all right, bob. thank you so much. we'll see
chapter. >>> well, leaders in washington today calling talks on the fiscal cliff constructive, but not everyone is buying that anything is getting accomplished. >> yeah, not just -- last week td ameritrade's ceo warned the cliff hanger would keep the markets muted into the new year. it's no wonder the major average is down about 5% since the close of trade on november 6th. fred joins us now exclusively. are you hopeful, at least, that we get a deal before the end of the year? >> i don't know if we'll get a deal by the end of the year. i'm hopeful we'll get a deal, and i'm hopeful our political leaders will work through this. i think the hard part is getting it done before the lame duck session. >> can we afford in the to get a deal before the end of the year? >> you know, i don't know. you never know. i think you can always gets through it. there's many ways to get through it. i think the market is really looking for incredible plan here. it's probably a combination of spending cuts and tax increases, but it has to be one that helps in the short term but has over the long term
director david petraeus and the embassy attack in libya. eamon javers is in washington right now. he has the highlights. >> hi, maria. no specific olive branch here from the president during the press conference to republicans in terms of the fiscal cliff negotiations. the president twice now referencing his own re-election, suggesting the american people voted here for a very specific set of outcomes. take a listen. >> if there's one thing that i'm pretty confident about, it's the american people understood what they were getting when they gave me this incredible privilege of being in office another four years. >> the president did take a hard line on extending the bush tax cuts. >> what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford and according to economists will have the least positive impact on our economy. perhaps the fieriest moment in all of this is in the discussion over libya. the president talking about u.n. ambassador susan rice, who's been criticized by senators mccain and graham up on capitol hill. the president said if mccain and
once again today, adding to the losses we have been seeing since the election. is a deal in washington what investors are waiting for to get back into the game? joining me now is ben pace from deutsch back private wealth management, scott collier and our own mandy drury. good to see everybody. ben pace, what is behind this selling, and when will it end? what's your take? >> i don't think it's really economic right now, maria. i think it's pretty political. every pronouncement we've heard over the last four, five days has decreased the likelihood we're going to have a quick resolution of bargaining that has to happen in washington. again, it has to happen. it increases the likelihood that we fall off the cliff for lack of a better term. we still don't think that's over the 50% probability. it was probably 25 to 30 mow. that's why the markets are where they are. they're starting to hit levels now where they're looking attractive from a dividend yield perspective, distance from our targets at year end, they're starting to look more attractive at the 1350, 1355 level. >> so you would put m
, to see what happens in washington. >> we've had a lot -- you know what's going to happen on the volatility side, we talk about that as a bad thing. figure you're a short term, 35, 45-day trader, that is a bad thing. if you're not, looking for entry points, these are the moments you're looking for to actually establish positions in names. >> you'd buy on these dips we've had? >> yes. but i'd make sure it's more than just a dip. i would buy on a bigger pullback. >> are you saying wait until we get clarity or buy on the dips? >> no, i agree with what michael said. first of all, i think there are assets that will do well over long term, whether we go over the fiscal cliff or not. dividend paying stocks outside of the united states. mega caps. there are some assets you want to own. one example, muns bonds. o one place you may want to consider -- >> we had a guest on last hour, we asked specifically about that idea and he said, i get it but they've run up so much, the risk/rewartd d is out of balanc and too risky. >> too expensive, he said. >> well, i think the entire fixed inc
as chrysler and a long-time executive at general electric. what is it going to take for washington to rise above the fray and make decisions that move this country forward? joining me now in a cnpc exclusive is bob nardelli. bob, great to see you. >> thank you very much. great to be here. >> thank you for joining us today. you have such fantastic business experience. really, one of the very, very great wisdoms to give us a sense of where we are right now in the economy. let me get your thoughts on the outcome of the election and how both parties now begin the work, rise above this political bickering that has been going on for so long. >> you nail it this morning with joe and everybody about the new buttons and rise above. speaker boehner, i thought, you know, was right on target also. the election is over. regardless of whether you feel your candidate won or not, we've got a re-elected president. we've got to come together and really address these issues, maria. i think in a meaningful way. again, my perspective will be always from a businessman's point of view. so stop the rhetoric. let'
through the uncertainty that persists in washington? joining us right now in an exclusive to talk about that and more, jamie dimondimon, chairma ceo of jpmorgan chase. thanks for joining us. >> great to be here. >> big week. obviously, the election. the president getting re-elected. give us your sense in terms of what the impact of four more years of president obama will be on business and on jpmorgan. >> well, i think the first thing is the foundation of business is actually pretty strong. companies are in very good shape. a lot of cash. if you look at the numbers, housing looks like it's turning. household formation is going up. consumers have consumers are still spending. the american economy, to me the most important thing is we solve the sort-run fiscal cliff and the longer run fiscal issues. i think if we do that, the economy can boom. i hope that president obama, you know, works on that. i think he has been working on that. >> and you've been traveling a lot. i know technology has been important as well. i want to get to that in a moment. you mentioned the fiscal cliff. let's sta
. a quieter start to the week on wall street as markets debate how washington will avoid that fiscal cliff and going over it. will the markets wait for a deal or are investors already taking action into their own hands? let's get to our panel, david dahl, mark travis, and robert zagunis will join us in a moment. good to have you on the program. david, let me begin with you. how are you invested right now amidst all of these issues pertaining to the fiscal cliff, higher tax rates in 2013, et cetera? >> always good to be back with you. we've been defensive. we've looked for opportunities to take gains over the course of the year. thankfully we've been very u.s.-centric in our investments over the course of 2011-2012. what we're preparing for now is looking again at the foreign markets in 2013. >> foreign markets meaning you want to be allocating money outside of the u.s. because of these issues in the u.s.? >> well, taking a look at some of the large global players here in the u.s. and outside, because as tax rates go up here in the united states, what we're about to see is probably the laug
in washington for a long time. >> it's important you mention corporate tax rates and the competitive situation because we are talking about, what, the second highest corporate tax rate when you look at other global economies. in terms of your own allocation of capital, does it make more sense to do more buybacks as opposed to dividends, given where we are right now in this discussion? >> well, we've been blending our return of value, our capital to shareholders with long-term investment, both through acquisition and organic growth, dividends, although our yield is relatively low, and of course stock buybacks. i think you'll probably see with disney relative status quo in terms of approach on this. we'll continue to buy back our shares, not just the shares that we'll issue for the purchase of lucasfilm but continue to buy them back and reduce our share base. we won't make an announcement about the dividend until the end of the year. we increased it nicely last year. we're certainly mindful of issues regarding taxes, but i'm not sure that it's necessarily going to change our approach on that. an
and creating big risks and uncertainty. washington already has a good ear into what wall street is thinking, that the fiscal cliff is a barrier to their business and that a solution is needed. but what the president wants to know is how business leaders across more consumer facing industries think the problem as well as a solution would impact every day americans. the list of 12 ceos said to be compiled by the white house crosses multiple industries from etna to xerox. what they want is not a one-time meeting but a dialogue over this. >> all right, kayla. thanks so much. so why is such a key group left out of the conversation? with me now in an exclusive is the president and ceo of new york community bancorp. nice to have you here. >> d did you get the invitation to the white house? >> no, the mail was a little slow due to sandy. >> serious l the banks are not invited. is this a concern that one key part of the economy is not involved in the conversation? >> i think it's fundamental. without money, you can't create jobs. the single best source of money is banking. so even though the other c
on the schedule. >>> welcome back. an extended thanksgiving break as washington is turning heads on wall street. just listen to mario this morning. >> if you have these guys in new york, mayor bloomberg, mayor booker, the governors, cuomo, christie, malloy, if they went on holiday while we had sandy, what would you do? we have an economic crisis. they're going home for thapnk giving. they're going to take a short break in december. yeah, we have to have a patch, but we have to have a fix. >> so does he have a point? is congress taking the fiscal cliff seriously enough? joining me right now, the man in charge at insurance broker willis group. joe is also on the fix the debt campaign. it's great to have you on the program. >> nice to see you again. >> thank you so much. we had this big rally in stocks on monday. on some rhetoric, i guess, that led investors to believe there was optimism we will get a deal done on this fiscal cliff. now they've left town. what do you think happens? >> i don't understand why there's not a sense of urgency. i agree with mario. i don't know that people appreciate the
territory. market driven by headlines and bluster out of washington. yep, that's what investors should expect short term. maybe until january 1st. should they also expect a rally any time soon? according to ryan dieterich, rally could most definitely be headed our way. >> he joins us now to explain along with peter anderson from congress asset management company. bill mcvail from turner investment partners and our very own rick santelli. peter, i have to begin with you. with a name like congress asset management, is congress going to come through for your assets? >> well, i wish i had an inside scoop on that, but unfortunately, we're also left to speculate at this point. but i will say this. what's incredible about this market is the way the market moved up today, it's an instant polling network that the government can use, actually, to kind of float trial balloons to us and get a sense of what we think of their proposed actions. >> peter, that is so charming. you assume this government cares what you think. >> well, i like to think that. i do think that they are paying attention to th
don't trust anything that's coming out of either side if washington. you never lead with your best offer, your best and final offer. clearly, they're just playing this dance here. the problem is for an individual investor, you could get out, try and make some increased volatility. try and bet on treasurietreasur. as soon as boehner and obama walk out of the white house, which i believe they'll do at some stage over the next month, as soon as that happens, everything is going to flip the other way. i'd like to find a way to play the market, but i think for long-term investors, valuation gets more and more important. the more you stretch things out. the key thing people are miss -- i agree with rick, the economy is not that strong, but it is still growing steadily and valuations are so extreme that you know which way the money is going to go when things settle down. i just wouldn't want to be on the wrong side of that trade. >> stephanie, that's basically the way you feel. you have sort of opportunities out there. how do you see it, stephanie? >> i think what you want to do is use th
they have been. but secondly, there's been talking in washington, d.c. in the past about establishing federal or regional petroleum supply storage facilities, refined petroleum storage facilities. so we've got a national strategic petroleum reserve in the southeastern united states that holds crude oil. it makes a lot of sense to try and have additional federal storage areas. not of crude oil but of refined products like motor gasoline so that in the event of a tragedy like this, you've got some sort of large stocks that you can quickly bring in to market so that you don't have to truck it from very far. at the end of the day, while a lot of drivers are having a hard time dealing with the shortages, hurricane sandy didn't hit oil production facilities like hurricanes in the past, like katrina did in the gulf of mexico. so while folks are struggling in the northeast, i definitely sympathize, the situation could have been a lot worse if it hit some of the bigger petroleum sector infrastructure systems. >> and so you said prices in some parts of the country are going down. where do you t
an entire year of stasis in washington if you get the fiscal cliff the budget office is forecasting at its worse. no matter how dysfunctional congress is, i don't think you go an entire year with absolutely no activity because of the political and economic pressure will get so intense easily by the end of january to force somebody's hand. i'm not saying that i know anything will happen by december 14th or january 1st. i do think markets have priced a lot of that in. but they could go higher or lower but think that will be based on fundamentals ultimately, not on the timing of a political deal. >> do you feel the markets are spending way too much focusing on getting a deal done, instead of working on, okay, deal done, where do we go from there? there are a lot of fundamental headwinds from this market. i imagine once we get a deal, there will be tax hikes and sped spending cuts which could be headwinds in itself. >> the market on a short term basis has been a little oversensitive to every tactical change in the likelihood of some kind of deal before the end of the year. it does not mean to
Search Results 0 to 16 of about 17